Many Canadians will make the decision to move to another province or territory at some point in their lives, but it can still be a significant adjustment that many find overwhelming.
If this is something you’re considering doing, here are a 5 things to think over before making the move:
- 1.The local housing market
- 2. Employment opportunities
- 3. The average cost of living
- 4. Your transit options
- 5. The cost of moving
What type of home you choose and where exactly it is, will almost certainly have a big impact on the overall cost of your move, so it’s important to do plenty of research on the housing market you plan to move to. You can start by looking on the Canadian Real Estate Association’s website, which has all the up-to-date information and analysis you’ll need, regarding Canada’s major housing markets.
With the job market differing so much across Canada, you’ll find that some provinces and territories have more opportunities in specific industries than others. Before you even think about moving, check what kind of job opportunities there are that you may qualify for, or whether your existing place of work might allow you to work remotely.
Remember that some professions may be regulated at a provincial or territorial level, meaning that your certificates and licenses must be up-to-date, and there may be some requirements necessary in order to transfer them to a new jurisdiction.
When researching the average cost of living in the area you plan to move to, you’ll need to look at things like housing, food, taxes and healthcare. Armed with this information, you can get a better understanding of how much the move will cost you and what you might need to be earning to be able to live comfortably in your chosen province or territory.
What transit options are available to you in a new province can have a huge impact not just on the convenience of getting around, but on your expenses, too. If public transit options aren’t available or feasible, then you might need to buy a car, which as an added expense you’ll need to consider. If public transit is an option, how much is it likely to cost you in travel fares every month?
If moving to a new province or territory, you’ll probably have to find a professional moving company to transport your furniture and other items, so don’t forget to factor the cost of this into your calculations. If you’re fortunate enough to have friends or family who can help you move your belongings, then so much the better!
Once you’ve considered all of the above and decided to move to a new area of the country, schedule a consultation with a local mortgage broker at the earliest, so that they can start searching for a great deal on a mortgage for you, and give you plenty of advice and guidance throughout the whole process.